Element 2, a hydrogen refuelling business, agreed to go public via a SPAC merger with Pineapple Power, special purpose acquisition company, in a £120m deal. "We are delighted to have agreed a heads of terms on this potential acquisition. During the past few months, we have reviewed numerous projects and believe the Proposed Acquisition meets our stated objective of identifying a potentially extremely valuable entity involved in the renewable energy sector and clean and green technologie," Claudio Morandi, Pineapple Power Chairman.